While they do have an in the Wheel motor the final production motor has yet to be built. They also have customers of sorts. They announce customers and numbers and two models of aircraft. But don't have the final product yet. A good step but not there yet. When the have the motor and can give the companies name then we are real. Till then just steps in the journey.
I haven't been paying attention apparently. Wheel Tug has signed LOIs with 4 companies. LOI= Letter Of Intent. "A letter of intent is not a contract and cannot be enforced, it is just a document stating serious intent to carry out certain business activities.
So not a guarantee but a serious interest.
There are potentialy a few hundred aircraft eligible. On the negative side Delta was to be the first customer and as a partner they were supposed to be the ones who installer and maintained the Wheel Tug motors and wheel systems after they were installed.
I just Noticed that Delta is no longer listed as a partner. (I'm sure it was there last I checked. probably 6 or less months ago.) In the presentation They state the wheels can be installed in "16 hours Two shifts." Yet I remember no name as to who will do tis. Looking through the partners I see no likely prospect for this position.
Also disturbingly Delta is not listed as a customer either. At one time it was reported (in an article I read) that Delta would be the first customer. It said first delivery to Delta In late 2009. I can see a possibility they would not want the maintenance side (If they thought they would not get paid well enough, or needed more facilities etc. But to back out on being a customer worries me a bit.
No time to too any digging at the moment. Next week I hope.
I promised to do some digging but I was unable to post here for weeks. Then i forgot about it.
I wrote the company an got an E mail back.
I am wondering if Delta is still a partner with Wheeltug.
If not when did this happen?
Right after the very successful load tests.
If Delta will not be doing the field work of installing the units, who will?
It seems that hundreds of firms want the job. There are al least 50
qualified MRO's around the world that can do the work. We will
probably have many installers in all local markets,
Also as much as possible what happened?
Delta got taken over by NorthWest. Need we say more. All our
friends at Delta were replaced by the NW people.
I note that Delta is connected with Ilitalia and so has not
completely dismissed WheelTug.
Alialitalia did the deal strictly on a commercial basis.
There is some confusion as to who bought whom.
Be that as it may. The combined company apparently has no interest in working with WheelTug.
While having such a large player on your side is always a good thing. It can have drawbacks too.
If you are a minnow; a whale doesn't necessarily pay attention; when you want them to.
(and If it does it may be to swallow you.) Starving a small competitor is easy for a whale.
Now part of the agreement with Delta included a boatload of warrants optionable at $35.00.
(That was one of the reasons I got in. If Delta thought options at 35 bucks were worth having so did I.) I assume the aforementioned boatload of options are now null and void. Very good for existing stock holders if we ever get there.
So yeah, we would probably be better off now, if Delta had stayed the course. However not all is bad news.
IMO, the changing of vendors and airlines through-out the years is what has kept BOREF's stock price low. But now that they have a team that produced the prototype, and will do production, the stock is a bit more solid.
Though if any of those folks pulled out, the stock would be back to $2 in a heartbeat...